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12 U.S.C. § 3026 — Examination and audit
Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Administration and the Government Accountability Office are hereby authorized and directed to examine and audit the Bank. Reports regarding such examinations and audits shall be promptly forwarded to both Houses of the Congress. The Bank shall reimburse the Farm Credit Administration for the costs of any examination or audit conducted by the Farm Credit Administration.
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Stable record: federal_law:legal_authorities:record_usc_d832abfc633311e9007d2e60
Source file: Laws/federal/codes/united-states-code/title-12/section-3026-examination-and-audit--ecf9c6475f.md
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Source location: Title 12, Chapter 31, § 3026; chapter-031-national-consumer-cooperative-bank.md
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The Farm Credit Administration and the Government Accountability Office are hereby authorized and directed to examine and audit the Bank. Reports regarding such examinations and audits shall be promptly forwarded to both Houses of the Congress. The Bank shall reimburse the Farm Credit Administration for the costs of any examination or audit conducted by the Farm Credit Administration.
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Federal law — U.S. Code and appendices · legal_authorities
The Congress of the United States hereby creates and charters a body corporate to be known as the National Consumer Cooperative Bank (hereinafter in this chapter referred to as the “Bank”). The Bank shall have perpetual existence unless and until its charter is revoked or modified by Act of Congress. The right to revise, amend, or modify the charter of the Bank is specifically and exclusively reserved to the Congress. The principal office of the Bank shall be in Washington, District of Columbia, and, for the purpose of venue, shall be considered a resident thereof. It shall make loans and offer its services throughout the United States, its territories and possessions, and in the Commonwealth of Puerto Rico. The Bank shall—
(1) encourage the development of new and existing cooperatives eligible for its assistance by providing specialized credit and technical assistance;
(2) maintain broad-based control of the Bank by its voting stockholders;
(3) encourage broad-based ownership, control, and active participation by members in eligible cooperatives;
(4) assist in improving the quality and availability of goods and services to consumers; and
(5) encourage ownership of its equity securities by cooperatives and others as provided in [section 3014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3014&num=0&edition=prelim), so that the date when all of the Bank’s class A stock owned by the United States has been fully redeemed (the “Final Government Equity Redemption Date”) occurs as early as practicable.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3012
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Federal law — U.S. Code and appendices · legal_authorities
Page 1489
TITLE 12—BANKS AND BANKING
§ 3042
paragraph (1) [amending this section] shall take effect
on the day after the Final Government Equity Redemp-
tion Date [Dec. 31, 1981].’’ For definition of ‘‘Final Gov-
ernment Equity Redemption Date’’, see section 396(a)
of Pub. L. 97–35, set out as a note under section 3012 of
this title.
§ 3026. Acceleration of the Final Government Eq-
uity Redemption Date
(a)(1)(A) The Final Government Equity Re-
demption Date shall occur on December 31, 1981,
or not later than 10 days after the date of the
enactment of the first Act providing for appro-
priations for fiscal year 1982 (other than con-
tinuing appropriations) for the Department of
Housing and Urban Development and Inde-
pendent Agencies, whichever occurs later.
(B) Not later than 5 days after the Final Gov-
ernment Equity Redemption Date, the Sec-
retary of the Treasury shall publish a notice in
the Federal Register indicating the day on
which the Final Government Equity Redemp-
tion Date occurred.
(2)(A) Before the Final Government Equity Re-
demption Date, the Secretary of the Treasury
shall purchase all class A stock for which the
Congress has appropriated funds.
(B) After the Final Government Equity Re-
demption Date, the Secretary of the Treasury
shall not purchase any class A stock.
(3)(A) On the Final Government Equity Re-
demption Date, all class A stock held by the
Secretary of the Treasury on such date shall be
redeemed by the Bank in exchange for class A
notes which are issued by the Bank to the Sec-
retary of the Treasury on behalf of the United
States and which have a total face value equal
to the total par value of the class A stock which
is so redeemed, plus any unpaid dividends on
such stock.
(B) During the period beginning on the Fi
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3026
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